UK PM says no second Brexit vote

Britain can not tell businesses for certain what its future relationship with the European Union will be once it leaves the bloc, business minister Greg Clark said on Wednesday, ahead of government talks on its approach to Brexit.

It has emerge that the Prime Minister has told her Cabinet to expect a clean and "immediate" break from the European Union as soon as the transition period ends in 2021.

The EU's chief negotiator, Michel Barnier, this week told Britain that it was time to choose between being in the customs union during the transition period and having tariff-free access to the single market.

She released a statement which said: "Contrary to misleading media reports, I have absolutely no relationship with, or involvement in the work of, Best for Britain".

However, "an important positive implication for the Pound is that the risk of a more disorderly "No Deal" Brexit outcome has diminished and the pound should strengthen if fears over a more disruptive and harder Brexit outcome do not materialise", says Derek Halpenny at MUFG. "I hope that we will be able to resolve this disagreement in the next round".

"Given the intense work that has taken place this week, it is surprising to hear that Michel Barnier is unclear on the UK's position in relation to the implementation period", Davis said.

The UK Government has issued a technical note calling on the European Union and more than 100 countries with which it has worldwide deals to treat the UK as if it were a member state so signed agreements on the likes of trade, nuclear co-operation and aviation can continue to function during the transition.

"But if this disagreement were to persist there will undoubtedly be a problem".

Labour's shadow Brexit secretary Sir Keir Starmer said the comments should come as a "wake-up call" to Mrs May.

According to the experts, no one believes in a transition by the end of 2020.

All member states are by default part of the EU's customs union.

"British businesses have heard enough talking - what's needed now is a concrete solution to enable all those involved in moving goods and services across the UK's borders to plan with certainty for a post-Brexit future", said James Hookham, the FTA's deputy CEO.

Barnier confirmed today that the United Kingdom would be expected to "accept all the rules and the obligations" of single market access until the end of transition "including any new rules or decisions that might emerge during that period".